- UBER (20.3%) – Core long. Pershing reiterates confidence in free cash flow durability and margin expansion; position effectively unchanged.
- BN (19.2%) – Long-term compounder. Minor trimming is non-thesis related.
- HHH (10.6%) – High-conviction real asset play; no change.
- GOOG/GOOGL (18.6%) – Alphabet exposure consolidated; Class A reduced, Class C unchanged.
- QSR (10.0%) – Slight trim; thesis intact.